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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Q3 private capex was lower than expected rising 0.6% q/q but this was the 5th consecutive quarter of growth and Q2 was revised up 0.6pp to 3.4%. It now stands 10.7% higher than a year ago. Building investment rose moderately to be up 13.7% y/y and looking forward residential building approvals seem to be recovering with October showing rises for houses and multi-dwellings. When Q3 GDP is released on December 6, private investment growth is likely to have slowed following two very strong quarters.
- Q3 investment in buildings rose 0.7% q/q after 4.4% and machinery equipment slowed to +0.5% from 2.2%. Mining was the driver at +5.6% q/q whereas non-mining sectors fell 1.3% after rising strongly previously.
Australia real capital expenditure y/y%
Source: MNI - Market News/ABS
- Investment expectations showed that the capex outlook is positive with plans revised 8.5% higher for this financial year. Imports of capex goods have also been robust. The ABS notes the strong rise for the information media and telecoms sector as new data centres are planned.
- October dwelling approvals rose 7.5% m/m with houses up 2.2% and non-houses +19.5%. Annual growth in the total and two main components are off their lows and there is positive 3-month momentum for house approvals. This is good news given Australia’s housing shortage but the level is still 11.5% below February 2020.
Australia number of dwelling approvals - private houses %
Source: MNI - Market News/ABS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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